Final answer:
Intrastate commerce refers to local business activity conducted within state boundaries.
Step-by-step explanation:
The local business activity carried on within state boundaries is known as intrastate commerce. Intrastate commerce refers to the buying and selling of goods and services that occurs within a particular state.
This term is often contrasted with interstate commerce, which involves the movement of goods and services across state lines. Both intrastate and interstate commerce are regulated by the government to ensure fair competition and protect consumers.
For example, a local bakery that only sells its products within the state would be engaged in intrastate commerce.